Kentucky is set to receive a $400,000 grant to help the Commonwealth’s small businesses expand international trade.
The Kentucky Cabinet for Economic Development announced the awarding of the State Trade Export Promotion (STEP) grant, which is administered by U.S. Small Business Administration.
“Kentucky small businesses and exports are vital to Kentucky's continued growth, and the STEP program provides an opportunity to provide assistance in both areas,” Mandy Lambert, KCED’s commissioner of business development, said in a statement. “This funding will allow us to offer assistance where those businesses need it most, and it will help those companies reach their full potential.”
KCED said Kentucky exported $27.5 billion in products to about 200 countries last year, marking the fourth straight year of gains.
Since 2011, Kentucky has received $1.4 million in STEP grants, the agency said. KCED said the state uses the money to aid marketing strategies and lower the cost of international trade missions, among other initiatives.